PPF Life Insurance announces Q1 2013 results: 25% increase in business volumes
In the first quarter of 2013, PPF Strakhovanie zhizni (PPF Life Insurance) generated a 25% increase in total Gross Written Premiums (GWP) compared to Q1 2012.
PPF Life Insurance’s GWP were more than RUB 3.2 billion over the quarter, a year-on-year increase of 25%. The Company’s assets exceeded RUB 21.2 billion (+2% compared to 31 December 2012) and the volume of insurance reserves was RUB 17.4 billion (+7% compared to 31 December 2012)1.
All key sales channels demonstrated strong growth2. Q1 2013 sales via the Company’s insurance agent network rose 29% year on year. Sales via the insurance brokers’ network increased 2% year on year. In the corporate segment, sales of employee accident insurance grew 16% compared to Q1 2012.
Vít Sedláček, Chairman of the Board of Directors, said: “The development of the retail insurance segment is our key strategic priority. We plan to increase sales volumes through the regional expansion of our insurance agent network and enhanced co-operation with Russian insurance broker companies as well as our partner banks in the non-credit insurance area.”
1 Reported under the IFRS
2 All sales channel data are based on the Russian accounting standards (RSBU)